BrightSpire Capital upgraded to Buy from Hold at JonesResearch

JonesResearch upgraded BrightSpire Capital (BRSP) to Buy from Hold with a $7.25 price target The firm believes that at current levels, the shares are undervalued. After an extended period of protecting the balance sheet, the company resumed originations in October, while current reserves are the highest among peers and the dividend is well covered, the analyst tells investors in a research note. As BrightSpire “turns the corner,” there are “ample lending opportunities given the subdued lending from banks and other non-banks,” the firm says.